FACTA

Sue2

Does FACTA cover customer information we have available? This would not be information we gained from a consumer reporting agency.

marc

I'll bite - what the heck is FACTA?

Dutch2

Thanks Marc... I too was wondering just what FACTA stands for.

HR In NH

FACTA is a new federal rule as of 6/1/05 that will require businesses and individuals to take appropriate measures to dispose of sensitive information derived from consumer reports. Any business or individual who uses a consumer report for a business purpose is subject to the requirements of the Disposal Rule, a part of the Fair and Accurate Credit Transactions Act of 2003 (FACTA), which calls for the proper disposal of information in consumer reports and records to protect against “unauthorized access to or use of the information.”

The term "consumer report" includes information obtained from a consumer reporting company that is used – or expected to be used – in establishing a consumer’s eligibility for credit, employment, or insurance, among other purposes. Examples of consumer reports include credit reports, credit scores, reports businesses or individuals receive with information relating to employment background, check writing history, insurance claims, residential or tenant history, or medical history.

Reasonable measures for disposing of consumer report information could include establishing and complying with policies to: burn, pulverize, or shred papers containing consumer report information so that the information cannot be read or reconstructed; destroy or erase electronic files or media containing consumer report information so that the information cannot be read or reconstructed; or conduct due diligence and hire a document destruction contractor to dispose of material specifically identified as consumer report information consistent with the Rule.

Read more at:
[url]http://www.ftc.gov/opa/2005/06/disposal.htm[/url]

Based on this, I don't believe your own customer info would be included. Hope that helps.

Sue2

Thanks Amy. I was thinking the same based on the info I had read.